VAT and excise taxes on liquor contributed the most to the overall shortfall in tax revenue in 2022, publicfinance.lk of Verite Research shared.
Sri Lanka missed its tax revenue target in 2022, falling short by Rs. 101 billion. Prioritising fiscal consolidation has been given greater importance as part of the current IMF programme.  
A series of budget deficits, excessive borrowing, and poor debt management paved the way for the economic crisis which began in 2021.

Looking at an analysis by publicfinance.lk that shows the breakdown of government tax revenue, comparing actual figures with its revised estimate, excise taxes on liquor and VAT is highlighted as key contributors to the shortfall.